MBS eyes Credit Suisse: Credit Suisse’s new investment bank has garnered interest from Saudi Arabia’s Crown Prince Mohamed bin Salman, who reportedly is among a group of investors considering making a USD 1 bn investment, informed sources tell the Wall Street Journal. The Saudi royal could put up half of the money, potentially alongside former Barclays CEO Bob Diamond’s Atlas Merchant Capital, the people said.

Tough times: The scandal-hit, financially-stricken Swiss lender is spinning off its investment bank as part of efforts to raise CHF 4 bn in capital. The Saudi National Bank is participating in the capital increase, and will become its single-largest shareholder in the process.

Food prices remain unchanged in November: Global food prices measured by the UN Food Price Index were flat in November as falling grain, dairy and meat prices offset rising oil and sugar costs.

But high food prices are set to become the new normal as the war in Ukraine and climate change continue to cause supply problems, according to the Financial Times. Though global food prices have eased from record highs in recent months, economists and analysts expect costs to remain much higher than the pre-covid norm.

The high inflation-growth slowdown combo is putting emerging markets across the world in a bind: The risk of policy errors by central banks in emerging economies is growing, as the combination of slowing economic growth and soaring inflation put them in a tight spot, Bloomberg writes. Countries from Europe and Asia to Africa and Latin America are trying to balance the conflicting need to raise interest rates and crack down on inflation, and lower them to soften the economic slowdown.

ALSO WORTH NOTING-

• Jumia is relocating its senior management from Dubai to Africa: The NYSE-listed ecommerce startup is shutting down its Dubai office and moving its senior management to the African markets they oversee in a bid to cut losses, the company’s acting head Francis Dufay told Bloomberg. Jumia founders Sacha Poignonnec and Jeremy Hodara were forced to quit the firm last month.
• Turkey finally gets a break: Turkish inflation slowed for the first time since May 2021 thanks to the base effect and the stabilization of the TRY. Consumer prices rose 84.4% y-o-y in November, compared to 85.5% the month prior. (Statement (pdf) | Bloomberg)
• Vodafone boss to step down this month: Vodafone CEO Nick Read will resign this month after four years at the helm of the company. During his tenure the company’s share price has halved and concerns about growth have persisted. Vodafone cut its full-year profit forecast last month, worsening a bad year that has seen its share price fall by a fifth. The company’s CFO, Margherita Della Valle, will take over on an interim basis. Reuters | FT)

	EGX30	14,328	+1.8% (YTD: +19.9%)
	USD (CBE)	Buy 24.55	Sell 24.63
	USD at CIB	Buy 24.55	Sell 24.61
	Interest rates CBE	13.25% deposit	14.25% lending
	Tadawul	10,419	-2.8% (YTD: -7.7%)
	ADX	10,465	-0.8% (YTD: +23.3%)
	DFM	3,352	+0.8% (YTD: +4.9%)
	S&P 500	3,999	-1.8% (YTD: -16.1%)
	FTSE 100	7,568	+0.2% (YTD: +2.5%)
	Euro Stoxx 50	3,957	-0.6% (YTD: -8.0%)
	Brent crude	USD 83.04	-3.0%
	Natural gas (Nymex)	USD 5.62	-10.5%
	Gold	USD 1,780.80	-1.6%
	BTC	USD 16,970	-0.8% (YTD: 63.3%)

THE CLOSING BELL-

The EGX30 rose 1.8% at yesterday’s close on turnover of EGP 2.9 bn (53.9% above the 90-day average). Foreign investors were net sellers. The index is up 19.9% YTD.

In the green: Housing and Development Bank (+18.4%), GB Auto (+4.8%) and CIB (+3.9%).

In the red: Rameda Pharma (-3.0%), Qalaa Holding (-2.4%) and Sidi Kerir Petrochemicals (-2.1%).